Bemidji DDA establishes fund with NMF
BEMIDJI – In an effort to enhance the business presence in downtown Bemidji, the Downtown Development Authority has established a new fund with the Northwest Minnesota Foundation to offer loans up to $5,000.
The loans are available to any business looking to locate or expand in downtown Bemidji, according to a press release issued Tuesday.
“This is an excellent opportunity to increase awareness about the Downtown Development Authority and our important work,” DDA President Ken Cobb stated in the release. “Our mission is to promote and enhance our vibrant downtown, and this loan program will encourage businesses to locate and expand here.”
Loans can be used for building improvements, equipment, inventory, supplies and working capital. The business must maintain DDA membership throughout the term of the loan.
“This is a great partnership opportunity with NMF and the DDA,” said Diane Morey, business development officer, in the release. “In some cases, a DDA loan can be paired with a loan from our own in-house microloan program. This leveraging can bring more options and flexibility to the business owner, which was a priority in this partnership.”
The DDA Loan Committee will meet as needed to approve applications. Businesses must meet certain requirements decided by the committee.
Applications can be found online at www.nwmf.org on the entrepreneur development program page, under business development.